Default Research Inc Reports Year-End Data: Phoenix Foreclosures Drop 6%; Investors Return to Market
Phoenix led the county with (20,528) NTS, followed by Mesa, 5,755; Glendale, 4,213; Scottsdale, 3,598; and Gilbert, 3,522. While 90% of NTS were single family homes, 5.0% were condominiums and 2% were commercial properties.
Arizona’s non-judicial foreclosure process requires Notices of Trustee Sales to be recorded a minimum of 90 days before auction, generally 90 days after the first late mortgage payment. Foreclosing lenders are also required to publish once-weekly notices in a newspaper in the same county as the property for four weeks. In addition, lenders must mail a notice to all parties affected by the foreclosure within 5 days of the recorded NTS.
Phoenix property values declined 10% in 2010, with the rate of decline increasing throughout 2010. Serdar Bankaci, Founder of Default Research, Inc., a pre-foreclosures tracking firm, said that, while property values are dropping, inventories have remained relatively stable, which he sees as a positive sign.
“It’s never a good sign when property values drop, but there is light at the end of the tunnel – and I don’t believe it’s the light of an oncoming train,” Bankaci said. “Foreclosed properties are beginning to sell, primarily because investors are returning to the market. I see this trend continuing – even accelerating – in 2011.”
Bankaci doesn’t expect 2011 to be a year of dramatic swings in the Phoenix real estate market. “Foreclosure rates should hold steady in 2011. I don’t see any big changes there. The same goes for home prices. I know other real estate experts are predicting larger negative swings in property values, but I don’t see it,” Bankaci said. “Unemployment in Maricopa County is 8.3% – a full percentage point lower than the national average of 9.3. Secondly, investors are beginning to flood back into the market. As they do, inventories will drop – and conventional buyers will be competing with investors for available properties, which will necessarily have a stabilizing effect on the market.”
Default Research is a national data brokerage specializing in pre foreclosure data including notice of default, notice of trustee sale and lis pendens listings.
Default Research Inc
609 N Church St #5
Mount Pleasant, PA 15666
(888) 211-8396 x705
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